London, Ta. 19. Jan. 2022 Wednesday

The Swiss bank will also take possession of fugitive businessman Vijay Mallya’s luxurious house in London.

Recently, Mallya was given a notice to vacate the house. Against him, Mallya had applied for a stay in the court. However, the British Court rejected the petition. In such a situation, Mallya will have to vacate the house.

However, India will not benefit from this. Because the Swiss bank UBS had sued for the house. The bank had a legal dispute with Mallya. Now the house will be in the hands of Swiss Bank.

Mallya owes Rs 9,900 crore to banks including the State Bank of India. The loan was given to Mallya for Kingfisher Airlines.

Mallya is currently out on bail. Indian banks, including State Bank, have so far recovered over Rs 7,000 crore from Mallya. Thus, banks have recovered 81 per cent of their loans.